Champ Car Asset auctionUPDATE #4 This AP article provides more information about who bought some of the assets at the auction.

06/04/08 Champ Car raised $1.2 million from its asset liquidation auction Tuesday, according to chief financial officer Gene Cottingham. That money will be turned over to the U.S. bankruptcy court for distribution to the defunct racing series' remaining creditors. Cottingham said final disposition could take several months. "We're going to try to get it done in as timely and equitable a fashion as possible," he said. The auction, conducted on site and over the Internet, drew a larger-than-expected crowd to Champ Car's Northwestside headquarters. "There were some bargains to be had, but the bigger items seemed to go for fair market value," Cottingham said. "Overall, we're pleased with the results." Indy Star

06/04/08 The final remnants of what was the Champ Car World Series were carried, hauled and driven away from its former Northwestside headquarters after an asset liquidation auction Tuesday.

Just about everything not nailed down, from race cars to shop equipment to fire suits to cleaning supplies, was up for bid, on site and on the Internet. All proceeds go to the U.S. bankruptcy court to be distributed to Champ Car's creditors.

Gene Cottingham, Champ Car's chief financial officer, expected to learn the final tally from Gallivan Auctioneers today. All indications, from the size of the crowd to the competitive bidding, were that it went well.

"We didn't do an appraisal, and when you're dealing with artifacts, it's difficult to know what they're worth," Cottingham said. "It seems like there's a lot of things going for more than retail."

Eddie Wachs was surprised by the size of the gathering, which numbered several hundred people and was a mix of fans, collectors and racers. He came to bid on a transporter for his Atlantic Series team and wound up paying $92,000 for a 1998 Featherlite trailer.

"We thought it would go for around $50,000," he lamented.

Dick Eidswick, Champ Car's president, was monitoring the sale for series co-owner Kevin Kalkhoven and also was bidding on selected memorabilia items for his former boss. Eidswick professed satisfaction at seeing Champ Car's equipment find a new home and said his only sadness stemming from the unification with the Indy Racing League was the loss of jobs.

"We're already seeing the benefits of unification and this (sale) is just one of the results of that," he said. "But a lot of this stuff has been sitting on shelves for years. It's good to see it out and getting into the hands of people who want it."

In addition to the transporters, high-end items included several cars from the popular pace car program, motor coaches and Panoz DP01 chassis driven last season by Dan Clark and Robert Doornbos for Minardi Team USA.

Tom Deery, president of the World of Outlaws sprint-car series, was looking for bargains among the signage and other promotional items for sale. He also was hoping to pick up some television equipment.

"I'm very surprised by the size of the crowd, but Champ Car was a class organization and everybody knows their stuff is top-shelf," Deery said. "I think just about every sanctioning body in America is represented here one way or another.

"A certain percentage of the crowd is just onlookers, but it's a real cross section of the industry. It's pretty remarkable, actually." Indy Star

05/23/08

05/12/08Brief Description:Huge Liquidation Auction of Champ Car World Series, LLC By Order of US Bankruptcy Court. Check in often as the inventory continues to grow!

Gallivan Auctioneers is pleased to conduct this Huge Auction Event to liquidate all remaining assets from Champ Car World Series, LLC (F/K/A CART & CART/PPG SERIES). This promises to be an exciting auction with a one-of-a-kind inventory of pace cars, race car transporters, race cars, shop equipment, scoring and timing equipment, memorabilia, and much more. We may run two auction rings simultaneously at this large sale. Bring a friend so you do not miss bidding on the items you want! zzzz

The auction will be held at Champ Car World Series, LLC headquarters in Indianapolis, IN. If you cannot attend the auction, you may bid online, in real time, at www.BIDSPOTTER.com.

Inventory is still being unloaded from transport trailers. Check in often as the inventory continues to grow!

Preview Dates: On site preview is available on two separate dates: Thursday, May 22nd and Monday, June 2nd, from 9:00 A.M. - 5:00 P.M.

Copyright 1999-2014 | AutoRacing1 is an
independent internet online publication and is not affiliated with, sponsored by, or endorsed
by IndyCar, NASCAR, FIA, Sprint, or any other series sponsor.
This material may not be published, broadcast, or redistributed without
permission.